Compare mortgage rates and fees for leading lenders in Farmington, NM. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Farmington.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Farmington. Plus, shopping lenders is free and there is no obligation.
September 22, 2019
The current average rate for a 30 year fixed rate mortgage in Farmington is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Farmington, NM (San Juan County) is $161,458
The median household income for Farmington, NM (San Juan County) is $51,205
Based on current mortgage rates and a 10% down payment, you need to make $29,956 per year to buy the median priced home in Farmington
The home price you can afford to buy based on household income in Farmington is 171% of the median home value which means housing prices are average
Farmington (San Juan County) ranks 16 out of 33 counties in New Mexico and 2,174 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Farmington, NM is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Farmington (San Juan County) below.
Conforming loan limits for Farmington, NM
FHA loan limits for Farmington, NM
VA loan limits for Farmington, NM
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index